ArcelorMittal reported that net income attributable to equity holders of the parent company amounted to USD 575 million, with basic earnings per share recorded at USD 0.76. Adjusted net income was also announced at USD 575 million for the same period.
The company’s EBITDA reached USD 1.679 billion, while EBITDA per tonne stood at USD 131, marking a year-on-year increase of USD 15. Operating income per tonne was recorded at USD 59.
The company also reported an improvement in safety performance, with its long-term injury frequency rate (LTIFR) declining from 0.63x in the first quarter of 2025 to 0.45x in the first quarter of 2026. ArcelorMittal emphasized that employee health and safety remains one of its core values.
On the operational side, record iron ore production and shipments were achieved in Liberia, while operations in North America returned to more normalized levels. In the first quarter of 2026, crude steel production totaled 13.3 million tonnes, and steel shipments reached 12.8 million tonnes. Total group iron ore production stood at 12.9 million tonnes, with output from AMMC and Liberia operations at 9.7 million tonnes and shipments at 10.0 million tonnes.
During the quarter, the company invested USD 1.5 billion in seasonal working capital, resulting in a free cash outflow of USD 1.3 billion and an increase in net debt to USD 9.3 billion. Liquidity remained strong at USD 9.9 billion. The company reiterated its expectation of positive free cash flow in 2026 and beyond.
Over the past 12 months, ArcelorMittal generated USD 2.0 billion in investable cash flow and allocated USD 1.5 billion to strategic capital expenditures. The company also returned USD 0.7 billion to shareholders and spent USD 0.2 billion on mergers and acquisitions. Under its capital return policy, an annual dividend of USD 0.60 per share is planned, and an interim dividend of USD 0.15 per share was paid in March 2026. At least 50% of post-dividend free cash flow is expected to be returned to shareholders through share buybacks. The fully diluted share count has been reduced by 38% since September 2020.
In its strategic outlook, the company noted that the European steel market is undergoing a structural transformation. It stated that reduced imports—supported by the Carbon Border Adjustment Mechanism and the tariff rate quota (TRQ) system expected to come into force on July 1, 2026—are likely to improve capacity utilization, profitability, and returns.
In this context, ArcelorMittal announced that preparations are ongoing to restart idled blast furnaces at its Fos facility in France and Dąbrowa in Poland. The company is also continuing commissioning work for a new electric arc furnace (EAF) in Gijón, Spain, and capacity expansion at its Sestao facility.
The company reported capital expenditures of USD 1.3 billion in the first quarter of 2026, including a USD 0.2 billion payment under a new Mining Development Agreement in Liberia. Its full-year 2026 capex guidance remains unchanged at USD 4.5–5.0 billion, with USD 1.7–2.0 billion allocated to strategic investments. Upon completion, these strategic projects are expected to deliver an additional EBITDA contribution of approximately USD 1.8 billion.
Aditya Mittal commented: “Despite a volatile environment in the Middle East, our first-quarter performance was strong, and EBITDA of USD 131 per tonne reflects the benefits of our globally diversified asset portfolio and consistent execution of our strategy. We also continued to improve our safety performance, achieving the lowest quarterly LTIFR in the Group’s history.”
Mittal also highlighted developments in the European policy environment, noting improvements in key indicators over the past three months and expressing expectations of reduced imports, particularly due to the Carbon Border Adjustment Mechanism and the new TRQ system. He stated that this would support higher capacity utilization, profitability, and returns.
He further emphasized the company’s growth projects, including the expansion of the Hazira plant in India, increased mining activity in Liberia, ramp-up of the new electric arc furnace at the Calvert facility in the U.S. to full capacity, and ongoing energy transition initiatives. He also confirmed that a final investment decision has been taken for a new electric arc furnace project in Dunkirk, France.
Mittal concluded by stating that expectations for the remainder of the year remain strong, adding that policy support in Europe, combined with improvements in price and volume conditions, is expected to offset the impact of geopolitical risks.
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